Revising entrepreneurial action in response to exogenous shocks: Considering the COVID-19 pandemic

With regards to the ongoing impact of the COVID-19 pandemic in the domain of entrepreneurship, we offer research-based evidence and associated insights focused on three perspectives (i.e., business planning, frugality, and emotional support) regarding entrepreneurial action under an exogenous shock. Beyond the initial emergency response that countries around the world have taken, we argue that it is time to revise entrepreneurial action guidance in such a context. Our aim is to highlight ways that entrepreneurs can take action in light of the current COVID-19 pandemic. We position our insights to be relevant to both researchers and practitioners coping with an unprecedented situation that has catastrophic consequences both economically and socially. •A shock like COVID-19 requires to rebalance entrepreneurial action looking inside (frugality) and outside (support).•We share insights on why business planning frequency, intensity, and formality need to be adjusted to the new normal.•We explain how frugality (individual and organizational level) contributes to resilience and increases preparedness.•We highlight the contribution of emotional support to entrepreneurs, during the crisis and in the recovery phase.